Merkel emphasized that the euro was a stable currency |
In a TV
interview, German Chancellor Angela Merkel voiced her skepticsm on
restructuring Greek debt and called for the creation of a European ratings
agency, in the wake of the downgrading of some eurozone members.
Chancellor
Angela Merkel on Sunday gave a lengthy interview to German public broadcaster
ARD, during which she called for the creation of a European ratings agency,
amid growing discontent over the downgrading of some EU economies.
"The Chinese
now have a ratings agency," the chancellor said, adding the organization
should be created by the "European economy" and not by the individual
member states.
The
European Commission has recently criticized the world's three leading credit
ratings agencies, questioning the timing of their debt downgrades.
On
Wednesday, German Finance Minister Wolfgang Schäuble said he wanted to break
the power of ratings agencies after two of the main US agencies downgraded the
ratings of vulnerable eurozone members Portugal and Ireland to "junk"
status.
Euro is
safe, Merkel says
Merkel also
voiced her concern over the possible rescheduling of Greek debt, which she said
would have "the negative effect that the country might not work hard"
for their reorganization efforts, However, she admitted that because of the
country's high debt, conditions were "very, very difficult," and a
restructuring couldn't be ruled out.
With regard
to the euro-summit on Thursday, Merkel reiterated that private creditors should
help shoulder the burden.
The
chancellor also attempted to soothe fears that the financial woes plaguing the
eurozone would endanger the common currency, emphasizing that the euro was safe
and "part of the European identity."
Author:
Sarah Harman (AFP, dpad)
Editor: Andreas Illmer
EU Justice
Commissioner Viviane Reding
says rating agencies are too dominant |
Moody's may cut Portugal on growth, debt concerns (Dec 21, 2010)
Moody's slashes Ireland to Baa1, warns more may be ahead (Dec 17, 2010)
Moody's may cut Greek credit rating, puts on review (Dec 16, 2010)
Moody's warns it may downgrade Spain's debt (Dec 15, 2010)
Moody’s Threatens Credit Downgrades for Belgium, U.S. (Dec 14, 2010)
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